Neiro Coin (NEIRO) has captured the attention of the cryptocurrency market, increasing in value by 4,608% in just 30 days. The memecoin has achieved a staggering 48x return in a month, thanks to its price surging from $0.000039 to $0.002.

Despite such a dramatic rally, the coin’s momentum has slowed, falling 15% from its high of $0.0022. CoinCodex’s price prediction still foreshadows further gains for the cryptocurrency in the future, predicting a 219% increase to a price of $0.019284 by November 2024, as traders begin to wonder if this is just the beginning of a larger drop.

In the short term, traders are concerned about whether Neiro’s pullback is only temporary or if the memecoin has already reached its maximum potential. However, this long-term forecast suggests that a significant upside is still possible.

The retracement hits a key support level

Neiro’s recent share price decline coincided with a daily bullish order block, causing the price to drop to key support at the time of publishing – the 23% Fibonacci retracement area. These levels are crucial as they have the potential to provide the necessary support to prevent further declines. If the retracement persists, bulls will move into the 37% Fibonacci level as their subsequent line of defense.

Neiro’s Stochastic RSI indicator shows oversold conditions, which means a rebound is likely. Furthermore, the RSI continues to move above the neutral 50 level, which helps to strengthen the possibility of a price reversal. If momentum resumes, some analysts predict that Neiro could rise to $0.0027, which would be a 20% increase from its current value.

Bulls dominate, but sentiment neutral

Despite the positive technical signals, market sentiment remains neutral. The weighted sentiment is at a median level, indicating uncertainty as to whether Neiro will continue to rise or face additional selling pressure. The sharp rise in the coin has led to a decrease in supply outside exchanges, suggesting that some investors have taken profits.

But there is still a glimmer of hope for successful traders. Using the Binance top trader long/short ratio, 58% of traders still hold a net long position in Neiro, so continued gains are expected. Traders will be watching the resistance above $0.0027 and the support at $0.0017 over the coming days to see how the memecoin moves.

Over the past month, Neiro’s stock price has risen 18 out of 30 days, a gain of 60%, with a price volatility of 26.66%. These factors suggest that now could be a prime time for potential buyers.

Looking Ahead: Is a Larger Rally Possible?

As Neiro’s volatility sets in, traders should currently track important support and resistance levels. With both technical indicators and sentiment sending conflicting signals, the next big move for this high-flying memecoin could go in either direction.